Announcement • Jun 30
Shenzhen Kangtai Biological Products Co., Ltd. to Report First Half, 2026 Results on Aug 28, 2026 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report first half, 2026 results on Aug 28, 2026 Declared Dividend • Jun 08
Dividend reduced to CN¥0.035 Dividend of CN¥0.035 is 61% lower than last year. Ex-date: 11th June 2026 Payment date: 11th June 2026 Dividend yield will be 0.3%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 197% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 30
Shenzhen Kangtai Biological Products Co., Ltd. Approves Cash Dividend for 2025 Shenzhen Kangtai Biological Products Co., Ltd. at its Annual General Meeting of 2025 on 26 May 2026 approved 2025 profit distribution plan as Cash dividend of CNY 0.35000000 per 10 shares (tax included). Price Target Changed • Apr 22
Price target decreased by 11% to CN¥16.50 Down from CN¥18.60, the current price target is an average from 2 analysts. New target price is 12% above last closing price of CN¥14.68. Stock is up 5.5% over the past year. The company is forecast to post earnings per share of CN¥0.55 for next year compared to CN¥0.06 last year. Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: CN¥0.03 (up from CN¥0.02 in 1Q 2025). Revenue: CN¥631.1m (down 2.2% from 1Q 2025). Net income: CN¥33.3m (up 49% from 1Q 2025). Profit margin: 5.3% (up from 3.5% in 1Q 2025). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Apr 21
Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 26, 2026 Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 26, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Announcement • Mar 31
Shenzhen Kangtai Biological Products Co., Ltd. to Report Q1, 2026 Results on Apr 22, 2026 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report Q1, 2026 results on Apr 22, 2026 Announcement • Dec 31
Shenzhen Kangtai Biological Products Co., Ltd. to Report Fiscal Year 2025 Results on Apr 22, 2026 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report fiscal year 2025 results on Apr 22, 2026 Price Target Changed • Nov 05
Price target decreased by 10% to CN¥18.60 Down from CN¥20.69, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of CN¥16.97. Stock is down 12% over the past year. The company is forecast to post earnings per share of CN¥0.17 for next year compared to CN¥0.18 last year. Reported Earnings • Oct 28
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: CN¥0.01 (down from CN¥0.16 in 3Q 2024). Revenue: CN¥671.4m (down 18% from 3Q 2024). Net income: CN¥11.6m (down 94% from 3Q 2024). Profit margin: 1.7% (down from 23% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 85%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Sep 30
Shenzhen Kangtai Biological Products Co., Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Sep 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (146% payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Aug 22
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CN¥0.011 (down from CN¥0.099 in 2Q 2024). Revenue: CN¥746.9m (flat on 2Q 2024). Net income: CN¥15.1m (down 86% from 2Q 2024). Profit margin: 2.0% (down from 15% in 2Q 2024). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 82%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 18% per year. Announcement • Jul 02
Shenzhen Kangtai Biological Products Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Declared Dividend • May 31
Dividend of CN¥0.09 announced Shareholders will receive a dividend of CN¥0.09. Ex-date: 6th June 2025 Payment date: 6th June 2025 Dividend yield will be 0.6%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 17% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 193% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Shenzhen Kangtai Biological Products Co., Ltd. Approves Cash Dividend for the Year 2024 Shenzhen Kangtai Biological Products Co., Ltd. at its AGM held on May 20, 2025, approved Cash dividend/10 shares (tax included): CNY 0.90000000 for the year 2024. Price Target Changed • May 02
Price target decreased by 23% to CN¥17.98 Down from CN¥23.44, the current price target is an average from 3 analysts. New target price is 32% above last closing price of CN¥13.61. Stock is down 33% over the past year. The company is forecast to post earnings per share of CN¥0.27 for next year compared to CN¥0.18 last year. Announcement • Apr 22
Shenzhen Kangtai Biological Products Co., Ltd. Proposes Final Cash Dividend for the Year 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced on 21 April 2025 the profit distribution proposal for the year 2024 as final cash dividend/10 shares (tax included) of CNY 0.90000000. Reported Earnings • Apr 21
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: CN¥0.02 (down from CN¥0.05 in 1Q 2024). Revenue: CN¥645.2m (up 43% from 1Q 2024). Net income: CN¥22.4m (down 59% from 1Q 2024). Profit margin: 3.5% (down from 12% in 1Q 2024). Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Apr 21
Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 20, 2025 Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 20, 2025, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Announcement • Mar 31
Shenzhen Kangtai Biological Products Co., Ltd. to Report Q1, 2025 Results on Apr 21, 2025 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report Q1, 2025 results on Apr 21, 2025 Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥3.17b to CN¥3.08b. EPS estimate also fell from CN¥0.563 per share to CN¥0.478 per share. Net income forecast to grow 80% next year vs 40% growth forecast for Biotechs industry in China. Consensus price target down from CN¥22.96 to CN¥22.36. Share price rose 7.1% to CN¥15.39 over the past week. Announcement • Jan 24
Shenzhen Kangtai Biological Products Co., Ltd. Approves Board Appointments Shenzhen Kangtai Biological Products Co., Ltd. announced at the EGM held on January 22, 2025, approved election of Xu Anlong as non-independent director; Li Jiaoyu, Li Xiangming and Hu Keping as independent director. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Hak Ping Wu was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 31
Shenzhen Kangtai Biological Products Co., Ltd. to Report Fiscal Year 2024 Results on Apr 21, 2025 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report fiscal year 2024 results on Apr 21, 2025 Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 32%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥3.10b to CN¥3.17b. EPS estimate fell from CN¥0.836 to CN¥0.569 per share. Net income forecast to grow 101% next year vs 40% growth forecast for Biotechs industry in China. Consensus price target up from CN¥22.15 to CN¥23.30. Share price fell 2.7% to CN¥19.13 over the past week. Reported Earnings • Oct 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CN¥0.16 (down from CN¥0.17 in 3Q 2023). Revenue: CN¥816.1m (up 11% from 3Q 2023). Net income: CN¥185.8m (flat on 3Q 2023). Profit margin: 23% (down from 25% in 3Q 2023). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 36% per year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to CN¥17.46, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 25x in the Biotechs industry in China. Total loss to shareholders of 73% over the past three years. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (337% cash payout ratio). Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Announcement • Sep 30
Shenzhen Kangtai Biological Products Co., Ltd. to Report Q3, 2024 Results on Oct 26, 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report Q3, 2024 results on Oct 26, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to CN¥16.90, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Biotechs industry in China. Total loss to shareholders of 75% over the past three years. Major Estimate Revision • Sep 04
Consensus revenue estimates fall by 25% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥4.33b to CN¥3.26b. EPS estimate fell from CN¥1.01 to CN¥0.53 per share. Net income forecast to grow 84% next year vs 32% growth forecast for Biotechs industry in China. Consensus price target down from CN¥25.64 to CN¥23.79. Share price was steady at CN¥13.87 over the past week. Reported Earnings • Aug 29
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: CN¥0.099 (down from CN¥0.28 in 2Q 2023). Revenue: CN¥750.4m (down 24% from 2Q 2023). Net income: CN¥111.3m (down 64% from 2Q 2023). Profit margin: 15% (down from 31% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 37% per year whereas the company’s share price has fallen by 41% per year. Price Target Changed • Jul 26
Price target decreased by 14% to CN¥25.64 Down from CN¥29.92, the current price target is an average from 5 analysts. New target price is 71% above last closing price of CN¥14.99. Stock is down 50% over the past year. The company is forecast to post earnings per share of CN¥1.03 for next year compared to CN¥0.77 last year. Announcement • Jun 29
Shenzhen Kangtai Biological Products Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jun 08
Shenzhen Kangtai Biological Products Co., Ltd. Announces Dividend Implementation (Cash Only) Payable on 14 June 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced 2023 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY2.00000000. Record date: 13 June 2024; Ex-date: 14 June 2024; Payment date: 14 June 2024. Price Target Changed • May 30
Price target decreased by 9.7% to CN¥31.40 Down from CN¥34.78, the current price target is an average from 6 analysts. New target price is 72% above last closing price of CN¥18.21. Stock is down 35% over the past year. The company is forecast to post earnings per share of CN¥1.00 for next year compared to CN¥0.77 last year. Price Target Changed • May 14
Price target decreased by 8.1% to CN¥32.78 Down from CN¥35.68, the current price target is an average from 5 analysts. New target price is 61% above last closing price of CN¥20.36. Stock is down 32% over the past year. The company is forecast to post earnings per share of CN¥0.99 for next year compared to CN¥0.77 last year. Major Estimate Revision • May 08
Consensus revenue estimates increase by 10%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥4.07b to CN¥4.48b. EPS estimate fell from CN¥1.24 to CN¥1.12. Net income forecast to grow 72% next year vs 36% growth forecast for Biotechs industry in China. Consensus price target down from CN¥36.75 to CN¥34.78. Share price rose 4.0% to CN¥21.01 over the past week. Price Target Changed • May 07
Price target decreased by 7.9% to CN¥34.78 Down from CN¥37.75, the current price target is an average from 5 analysts. New target price is 64% above last closing price of CN¥21.21. Stock is down 29% over the past year. The company is forecast to post earnings per share of CN¥1.12 for next year compared to CN¥0.77 last year. Announcement • Apr 29
Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 31, 2024 Shenzhen Kangtai Biological Products Co., Ltd., Annual General Meeting, May 31, 2024, at 14:30 China Standard Time. Location: The Company's Meeting Room, Shenzhen, Guangdong China Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.05 (vs CN¥0.18 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.05 (down from CN¥0.18 in 1Q 2023). Revenue: CN¥451.7m (down 40% from 1Q 2023). Net income: CN¥54.1m (down 74% from 1Q 2023). Profit margin: 12% (down from 28% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Announcement • Mar 30
Shenzhen Kangtai Biological Products Co., Ltd. to Report Q1, 2024 Results on Apr 23, 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report Q1, 2024 results on Apr 23, 2024 Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥23.59, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Biotechs industry in China. Total loss to shareholders of 81% over the past three years. Announcement • Dec 29
Shenzhen Kangtai Biological Products Co., Ltd. to Report Fiscal Year 2023 Results on Apr 23, 2024 Shenzhen Kangtai Biological Products Co., Ltd. announced that they will report fiscal year 2023 results on Apr 23, 2024 New Risk • Dec 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (333% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (29% increase in shares outstanding). Reported Earnings • Oct 27
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CN¥0.17 (up from CN¥0.074 in 3Q 2022). Revenue: CN¥733.9m (flat on 3Q 2022). Net income: CN¥186.6m (up 126% from 3Q 2022). Profit margin: 25% (up from 11% in 3Q 2022). Revenue missed analyst estimates by 30%. Earnings per share (EPS) also missed analyst estimates by 44%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 37% per year whereas the company’s share price has fallen by 36% per year. Announcement • Oct 10
Shenzhen Kangtai Biological Products Co., Ltd. Announces Interim Profit Distribution Plan to Be Implemented (A Shares) for 2023, Payable on 13 October 2023 Shenzhen Kangtai Biological Products Co., Ltd. announced 2023 interim profit distribution plan to be implemented (A shares) Cash dividend/10 shares (tax included): CNY 1.80000000. Record date: 12 October 2023, Ex-date: 13 October 2023, Payment date: 13 October 2023. Announcement • Sep 28
Shenzhen Kangtai Biological Products Co., Ltd. Approves 2023 Interim Cash Dividend Shenzhen Kangtai Biological Products Co., Ltd. at its Extraordinary General Meeting held on 26 September 2023 approved 2023 interim cash dividend of CNY 1.80000000 per 10 shares (tax included). Announcement • Aug 30
Shenzhen Kangtai Biological Products Co., Ltd. Proposes Interim Cash Dividend for the First Half of 2023 Shenzhen Kangtai Biological Products Co., Ltd. proposed interim cash dividend/10 shares (tax included) of CNY 1.80000000 for the first half of 2023. Reported Earnings • Aug 26
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: CN¥0.28 (up from CN¥0.14 loss in 2Q 2022). Revenue: CN¥982.2m (up 2.7% from 2Q 2022). Net income: CN¥305.0m (up CN¥458.1m from 2Q 2022). Profit margin: 31% (up from net loss in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 29
Price target decreased by 9.2% to CN¥43.61 Down from CN¥48.05, the current price target is an average from 4 analysts. New target price is 44% above last closing price of CN¥30.31. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥1.05 next year compared to a net loss per share of CN¥0.12 last year. Reported Earnings • Apr 24
First quarter 2023 earnings released: EPS: CN¥0.18 (vs CN¥0.25 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.18 (down from CN¥0.25 in 1Q 2022). Revenue: CN¥748.4m (down 14% from 1Q 2022). Net income: CN¥205.5m (down 25% from 1Q 2022). Profit margin: 28% (down from 31% in 1Q 2022). Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 16
Price target decreased to CN¥45.81 Down from CN¥49.30, the current price target is an average from 5 analysts. New target price is 24% above last closing price of CN¥37.04. Stock is down 48% over the past year. The company is forecast to post earnings per share of CN¥0.41 for next year compared to CN¥1.16 last year. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥4.29b to CN¥3.93b. EPS estimate also fell from CN¥0.57 per share to CN¥0.40 per share. Net income forecast to grow 255% next year vs 47% growth forecast for Biotechs industry in China. Consensus price target down from CN¥49.30 to CN¥45.81. Share price rose 9.4% to CN¥34.88 over the past week. Price Target Changed • Nov 01
Price target decreased to CN¥45.81 Down from CN¥49.30, the current price target is an average from 5 analysts. New target price is 47% above last closing price of CN¥31.12. Stock is down 54% over the past year. The company is forecast to post earnings per share of CN¥0.40 for next year compared to CN¥1.16 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CN¥0.29 (down from CN¥0.64 in 3Q 2021). Revenue: CN¥737.2m (down 44% from 3Q 2021). Net income: CN¥82.6m (down 88% from 3Q 2021). Profit margin: 11% (down from 53% in 3Q 2021). Revenue missed analyst estimates by 35%. Earnings per share (EPS) also missed analyst estimates by 64%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥33.11, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 28x in the Biotechs industry in China. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥60.63 per share. Board Change • Sep 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hak Ping Wu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 02
Price target decreased to CN¥50.30 Down from CN¥56.45, the current price target is an average from 10 analysts. New target price is 50% above last closing price of CN¥33.42. Stock is down 54% over the past year. The company is forecast to post earnings per share of CN¥0.56 for next year compared to CN¥1.16 last year. Major Estimate Revision • Aug 25
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥4.63b to CN¥4.36b. EPS estimate also fell from CN¥1.35 per share to CN¥0.64 per share. Net income forecast to grow 21% next year vs 35% growth forecast for Biotechs industry in China. Consensus price target down from CN¥56.45 to CN¥53.54. Share price fell 4.1% to CN¥32.90 over the past week. Reported Earnings • Aug 20
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: CN¥0.53 loss per share (down from CN¥0.28 profit in 2Q 2021). Revenue: CN¥956.4m (up 23% from 2Q 2021). Net loss: CN¥153.1m (down 149% from profit in 2Q 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 12%, compared to a 34% growth forecast for the Biotechs industry in China. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Aug 19
Shenzhen Kangtai Biological Products Co., Ltd. (SZSE:300601) announces an Equity Buyback for CNY 200 million worth of its shares. Shenzhen Kangtai Biological Products Co., Ltd. (SZSE:300601) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of shares. The program is valid for 6 months. Major Estimate Revision • Jul 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from CN¥1.34 to CN¥1.49. Revenue forecast unchanged at CN¥4.68b. Net income forecast to grow 9.8% next year vs 35% growth forecast for Biotechs industry in China. Consensus price target of CN¥57.75 unchanged from last update. Share price was steady at CN¥43.81 over the past week. Announcement • May 29
Shenzhen Kangtai Biological Products Co., Ltd. Announces Final Cash Dividend for the Year 2021, Payable on 2 June 2022 Shenzhen Kangtai Biological Products Co., Ltd. announced final cash dividend of CNY 8.50000000 per 10 shares (tax included) for the year 2021, payable on 2 June 2022 and record date of June 1, 2022. Announcement • May 24
Shenzhen Kangtai Biological Products Co., Ltd. Approves Final Cash Dividend for the Year 2021 Shenzhen Kangtai Biological Products Co., Ltd. approved final cash dividend of CNY 8.50000000 per 10 shares (tax included) for the year 2021, at its Annual General Meeting of 2021 on 20 May 2022. Major Estimate Revision • May 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥2.52 to CN¥2.20 per share. Revenue forecast steady at CN¥4.71b. Net income forecast to grow 11% next year vs 34% growth forecast for Biotechs industry in China. Consensus price target down from CN¥130 to CN¥111. Share price was steady at CN¥63.94 over the past week. Major Estimate Revision • May 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from CN¥4.28b to CN¥4.75b. EPS estimate unchanged from CN¥2.24 at last update. Biotechs industry in China expected to see average net income growth of 33% next year. Consensus price target of CN¥113 unchanged from last update. Share price was steady at CN¥64.73 over the past week. Reported Earnings • Apr 28
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: CN¥0.40 (up from CN¥0.037 in 1Q 2021). Revenue: CN¥871.4m (up 215% from 1Q 2021). Net income: CN¥273.6m (up CN¥248.4m from 1Q 2021). Profit margin: 31% (up from 9.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 19%, compared to a 45% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to CN¥130 Down from CN¥170, the current price target is an average from 7 analysts. New target price is 104% above last closing price of CN¥63.72. Stock is down 62% over the past year. The company is forecast to post earnings per share of CN¥2.52 for next year compared to CN¥1.88 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Non-Independent Director Jiankai Liu was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Apr 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be CN¥97.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 86% in 2 years. Earnings is forecast to grow by 101% in the next 2 years. Reported Earnings • Apr 14
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥1.88 (up from CN¥1.03 in FY 2020). Revenue: CN¥3.69b (up 63% from FY 2020). Net income: CN¥1.28b (up 89% from FY 2020). Profit margin: 35% (up from 30% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 54%, compared to a 52% growth forecast for the pharmaceuticals industry in China. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥84.57, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 33x in the Biotechs industry in China. Total returns to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥93.68 per share. Major Estimate Revision • Mar 11
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from CN¥4.16b to CN¥4.47b. EPS estimate increased from CN¥1.93 to CN¥2.13 per share. Net income forecast to grow 49% next year vs 41% growth forecast for Biotechs industry in China. Consensus price target down from CN¥170 to CN¥130. Share price fell 6.3% to CN¥77.00 over the past week. Buying Opportunity • Mar 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 33%. The fair value is estimated to be CN¥94.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. Earnings per share has grown by 28% per annum over the last 3 years. Price Target Changed • Oct 24
Price target decreased to CN¥178 Down from CN¥204, the current price target is an average from 6 analysts. New target price is 53% above last closing price of CN¥117. Stock is down 26% over the past year. The company is forecast to post earnings per share of CN¥1.36 for next year compared to CN¥1.03 last year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥1.02 (vs CN¥0.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥1.33b (up 141% from 3Q 2020). Net income: CN¥699.7m (up 303% from 3Q 2020). Profit margin: 53% (up from 32% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Non-Independent Director Jiankai Liu was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS CN¥0.46 (vs CN¥0.39 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥775.2m (up 12% from 2Q 2020). Net income: CN¥311.4m (up 21% from 2Q 2020). Profit margin: 40% (up from 37% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 04
Shenzhen Kangtai Biological Products Co., Ltd. Announces Philippine Food and Drug Administration Approval to BIOKANGTAI COVID-19 Vaccine for Phase III Clinical Trial in the Philippines On July 30, Shenzhen Kangtai Biological Products Co., Ltd. was approved by the Philippine Food and Drug Administration to launch the phase III clinical trial of its independently developed Inactivated COVID-19 Vaccine in the local area. Earlier, BIOKANGTAI has already been approved by the Vaccine Expert Panel of the Philippine Department of Science and Technology on June 14, and by the Single Joint Research Ethics Board of the Philippine Department of Health on June 21. BIOKANGTAI is China's leading biopharmaceutical enterprise. Over the past 30 years since its establishment, it has accumulated rich experience in vaccine research and development, and it also has a notable scale of vaccine industrialization in China. In May 2021, BIOKANGTAI's Inactivated COVID-19 Vaccine was approved for emergency use and inoculated on a large-scale within China. In addition, according to the data of phase I/II clinical trials published on the medRxiv platform and in the National Medical Journal of China, in the phase II clinical trial of the vaccine another geometric mean titer of neutralizing antibody against the vaccine virus in the vaccine group on day 0-28 of the immunization program is 2.65 times of that of the serum neutralizing antibody of the convalescents, with an expected protection rate of more than 90%. In June this year, BIOKANGTAI's Inactivated COVID-19 Vaccine first entered Southeast Asia and launched the phase III clinical trial in Malaysia. Meanwhile, BIOKANGTAI is proactively seeking to launch clinical trials in more countries and regions in South America, Europe, etc. It has already obtained clinical approval in Ukraine and is expected to launch trials in early August. The large-scale data will provide a stronger guarantee for vaccine safety and efficacy. Announcement • Jun 23
Phase III Clinical Fieldwork of the Inactivated COVID-19 Vaccine (Vero Cells) Independently Developed and Manufactured by Shenzhen Kangtai Biological Products Co., Ltd. is Officially Initiated in Malaysia On June 21, local time, phase III clinical fieldwork of the Inactivated COVID-19 Vaccine (Vero cells) independently developed and manufactured by Shenzhen Kangtai Biological Products Co., Ltd. was officially initiated in Malaysia, and the first batch of enrolled subjects was vaccinated on-site. In February this year, BIOKANGTAI and Malaysia's Yong Tai Berhad signed an Agreement on Phase III Clinical Trial of Inactivated COVID-19 Vaccine and Product Procurement, reaching a consensus to further carry out the phase III clinical trials and commercialization of the agreed products in Malaysia. On May 31, the National Pharmaceutical Regulatory Agency (NPRA), Malaysia, approves the clinical trial of the vaccine. Subsequently, on June 11, clinical samples of the vaccine were delivered from Shenzhen, China to Malaysia. In May 2021, the BIOKANGTAI Inactivated COVID-19 Vaccine was granted the Emergency Use Authorization (EUA) in China, making it the sixth COVID-19 vaccine variety approved in China and also the first COVID-19 vaccine variety approved in Guangdong province. Since the commencement of the large-scale vaccination of the vaccine on June 1, the cumulative dose of vaccination has reached millions, according to the statistics of local regulatory authorities, its adverse reaction rate is much lower than the average level, showing its excellent safety. In addition, according to the data of phase I/II clinical trials published on the medRxiv platform and in the National Medical Journal of China, in the phase II clinical trial of the vaccine, the geometric mean titer of neutralizing antibody against the vaccine virus in the vaccine group on day 0-28 of the immunization program is 2.65 times of that of the serum neutralizing antibody of the convalescents, with an expected protection rate of more than 90%. Reported Earnings • May 01
First quarter 2021 earnings released: EPS CN¥0.037 (vs CN¥0.004 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥277.0m (up 56% from 1Q 2020). Net income: CN¥25.2m (up CN¥22.7m from 1Q 2020). Profit margin: 9.1% (up from 1.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 08
New 90-day low: CN¥135 The company is down 14% from its price of CN¥158 on 08 December 2020. The Chinese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥74.94 per share. Is New 90 Day High Low • Feb 04
New 90-day high: CN¥181 The company is up 11% from its price of CN¥164 on 06 November 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥69.50 per share. Is New 90 Day High Low • Nov 17
New 90-day low: CN¥149 The company is down 25% from its price of CN¥199 on 19 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥60.72 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥577.0m, up 18% from the prior year. Total revenue was CN¥1.97b over the last 12 months, up 3.0% from the prior year. Is New 90 Day High Low • Oct 23
New 90-day low: CN¥157 The company is down 24% from its price of CN¥207 on 24 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥7.55 per share. 
